$BDSX
BIODESIX INC

2021 Q3 Form 10-Q Financial Statement

#000156459021056811 Filed on November 15, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3 2020 Q2
Revenue $6.531M $9.193M $4.239M
YoY Change -28.96% 133.21%
Cost Of Revenue $2.722M $3.890M $3.455M
YoY Change -30.03%
Gross Profit $3.809M $5.300M $5.880M
YoY Change -28.13%
Gross Profit Margin 58.32% 57.65% 138.71%
Selling, General & Admin $13.61M $7.879M $6.834M
YoY Change 72.7% -4.06%
% of Gross Profit 357.23% 148.66% 116.22%
Research & Development $3.293M $2.706M $2.107M
YoY Change 21.69% 14.71%
% of Gross Profit 86.45% 51.06% 35.83%
Depreciation & Amortization $300.0K $200.0K $200.0K
YoY Change 50.0% 0.0% -85.51%
% of Gross Profit 7.88% 3.77% 3.4%
Operating Expenses $16.90M $15.43M $9.858M
YoY Change 9.51% 18.99%
Operating Profit -$13.09M -$6.240M -$5.619M
YoY Change 109.79% -30.88%
Interest Expense -$1.546M $2.658M $2.784M
YoY Change -158.16% 276.49%
% of Operating Profit
Other Income/Expense, Net $0.00 $53.00K -$2.647M
YoY Change -100.0% -60.15%
Pretax Income -$11.51M -$8.850M -$17.97M
YoY Change 30.1%
Income Tax
% Of Pretax Income
Net Earnings -$11.51M -$8.845M -$8.266M
YoY Change 30.18% -7.87% 20.57%
Net Earnings / Revenue -176.3% -96.21% -195.0%
Basic Earnings Per Share -$0.41
Diluted Earnings Per Share -$410.5K -$337.1K -$684.5K
COMMON SHARES
Basic Shares Outstanding 28.05M
Diluted Shares Outstanding 28.05M

Balance Sheet

Concept 2021 Q3 2020 Q3 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $47.91M $6.300M $11.70M
YoY Change 660.52%
Cash & Equivalents $47.90M $6.300M $11.70M
Short-Term Investments
Other Short-Term Assets $5.748M $6.405M $3.000M
YoY Change -10.26%
Inventory
Prepaid Expenses
Receivables $2.784M $5.396M $2.900M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $56.45M $18.15M $17.60M
YoY Change 211.01%
LONG-TERM ASSETS
Property, Plant & Equipment $4.432M $3.005M $2.000M
YoY Change 47.49%
Goodwill $11.63M
YoY Change
Intangibles $11.99M $13.74M
YoY Change -12.73%
Long-Term Investments
YoY Change
Other Assets $2.097M $100.0K $100.0K
YoY Change 1997.0%
Total Long-Term Assets $33.55M $28.40M $27.90M
YoY Change 18.15%
TOTAL ASSETS
Total Short-Term Assets $56.45M $18.15M $17.60M
Total Long-Term Assets $33.55M $28.40M $27.90M
Total Assets $90.00M $46.55M $45.50M
YoY Change 93.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.600M $3.485M $900.0K
YoY Change -54.09%
Accrued Expenses $6.279M $6.953M $3.100M
YoY Change -9.69%
Deferred Revenue $1.800M $5.673M
YoY Change -68.27%
Short-Term Debt $0.00 $26.00M $24.30M
YoY Change -100.0%
Long-Term Debt Due $20.00K $7.200M $4.100M
YoY Change -99.72%
Total Short-Term Liabilities $22.79M $56.56M $45.00M
YoY Change -59.71%
LONG-TERM LIABILITIES
Long-Term Debt $29.98M $20.30M $23.30M
YoY Change 47.66%
Other Long-Term Liabilities $21.20M $392.0K $29.70M
YoY Change 5308.67%
Total Long-Term Liabilities $51.18M $51.20M $53.00M
YoY Change -0.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.79M $56.56M $45.00M
Total Long-Term Liabilities $51.18M $51.20M $53.00M
Total Liabilities $73.96M $107.8M $98.00M
YoY Change -31.36%
SHAREHOLDERS EQUITY
Retained Earnings -$257.7M
YoY Change
Common Stock $2.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $16.03M -$251.8M -$243.0M
YoY Change
Total Liabilities & Shareholders Equity $90.00M $46.55M $45.50M
YoY Change 93.35%

Cashflow Statement

Concept 2021 Q3 2020 Q3 2020 Q2
OPERATING ACTIVITIES
Net Income -$11.51M -$8.845M -$8.266M
YoY Change 30.18% -7.87% 20.57%
Depreciation, Depletion And Amortization $300.0K $200.0K $200.0K
YoY Change 50.0% 0.0% -85.51%
Cash From Operating Activities -$7.790M -$3.770M -$8.840M
YoY Change 106.63% -9.61%
INVESTING ACTIVITIES
Capital Expenditures -$1.042M -$1.310M -$320.0K
YoY Change -20.46% -62.35%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$250.0K -$500.0K
YoY Change -100.0%
Cash From Investing Activities -$1.042M -$1.560M -$820.0K
YoY Change -33.21% -3.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 396.0K 10.00K 16.05M
YoY Change 3860.0% 60.82%
NET CHANGE
Cash From Operating Activities -7.790M -3.770M -8.840M
Cash From Investing Activities -1.042M -1.560M -820.0K
Cash From Financing Activities 396.0K 10.00K 16.05M
Net Change In Cash -8.436M -5.320M 6.390M
YoY Change 58.57% -1083.08%
FREE CASH FLOW
Cash From Operating Activities -$7.790M -$3.770M -$8.840M
Capital Expenditures -$1.042M -$1.310M -$320.0K
Free Cash Flow -$6.748M -$2.460M -$8.520M
YoY Change 174.31% -4.59%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2021Q3 us-gaap Preferred Stock Value
PreferredStockValue
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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us-gaap Other Nonoperating Income
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us-gaap Repayments Of Long Term Debt
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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us-gaap Provision For Doubtful Accounts
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bdsx Accrued Interest Amortization Of Debt Issuance Costs And Other
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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Other Current Assets
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us-gaap Increase Decrease In Other Noncurrent Assets And Liabilities Net
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us-gaap Increase Decrease In Other Noncurrent Assets And Liabilities Net
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Contract With Customer Liability
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us-gaap Payments To Acquire Property Plant And Equipment
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bdsx Payments For Proceeds From Patent Costs And Intangible Asset Acquisition Net
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bdsx Payments To Acquire Oncimmune
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bdsx Number Of Cancer Test
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4
bdsx Number Of Commercial Blood Based Test
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bdsx Number Of Sars Co V2 Test
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us-gaap Use Of Estimates
UseOfEstimates
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.</p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Concentration of Credit Risk and Other Uncertainties</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Substantially all of the Company’s cash and cash equivalents are deposited with two major financial institutions in the United States. The Company continually monitors its positions with, and the credit quality of, the financial institution with which it holds cash. Periodically throughout the year, the Company has maintained balances in various operating accounts in excess of federally insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents. Restricted cash consists of deposits related to the Company’s corporate credit cards and prior to March 31, 2021, also included a letter of credit related to an operating lease agreement. As of September 30, 2021 and December 31, 2020, the Company had $0.1 million and $0.2 million in restricted cash, respectively, which was included in ‘Other current assets’ in the accompanying balance sheets.</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Several of the components for certain of the Company's sample collection kits, test reagents, and test systems are obtained from single-source suppliers. If these single-source suppliers fail to satisfy the Company's requirements on a timely basis, it could suffer delays in being able to deliver its diagnostic solutions, a possible loss of revenue, or incur higher costs, any of which could adversely affect its operating results.</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">For a discussion of credit risk concentration of accounts receivable as of September 30, 2021 and 2020, see <span style="font-style:italic;">Note 9 – Revenue and Accounts Receivable Credit Concentration</span>.</p>
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LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
5000
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
19000
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
15000
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
13217000
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
14418000
CY2021Q3 bdsx Long Term Debt Maturities Repayments Of Principal In Year Five And Thereafter
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFiveAndThereafter
2406000
CY2021Q3 us-gaap Long Term Debt
LongTermDebt
30080000
us-gaap Interest Paid Net
InterestPaidNet
1300000
us-gaap Interest Paid Net
InterestPaidNet
1400000
CY2020Q3 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
118766273
CY2020Q4 bdsx Number Of Preferred Stock Converted Into Common Stock
NumberOfPreferredStockConvertedIntoCommonStock
20090745
CY2020Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
0
bdsx Primary Sources Of Revenue Description
PrimarySourcesOfRevenueDescription
We derive our revenue from two primary sources: (i) providing diagnostic testing in the clinical setting (Diagnostic Tests); and (ii) providing biopharmaceutical companies with services that include diagnostic research, clinical research, clinical trial testing, development and testing services generally provided outside the clinical setting and governed by individual contracts with third parties as well as development and commercialization of companion diagnostics (Services).
CY2021Q3 us-gaap Revenues
Revenues
6531000
CY2020Q3 us-gaap Revenues
Revenues
9193000
us-gaap Revenues
Revenues
47282000
us-gaap Revenues
Revenues
18528000
CY2020Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
3500000
CY2020 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
2700000
CY2021Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
1800000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
18.80
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
163000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
6.33
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1104000
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1386000
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
100000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3677000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
155000
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2321000
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.82
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
42580000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
396000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.48
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2866000
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.16
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
11312000
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1349000
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
4.83
CY2021Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
6606000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-11514000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-8845000
us-gaap Net Income Loss
NetIncomeLoss
-29877000
us-gaap Net Income Loss
NetIncomeLoss
-26817000
CY2021Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
28051000
CY2020Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
277000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
27467000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
269000
CY2021Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.41
CY2020Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-31.93
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.09
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-99.69
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3093000
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
143538000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3093000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
143538000
CY2020Q3 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0
CY2021Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
300000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
900000
CY2020Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
400000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1500000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0
CY2021Q3 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0
CY2021Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
187000
CY2021Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
767000
CY2021Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
140000
CY2021Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
1094000

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bdsx-10q_20210930.htm Edgar Link pending
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